Monmouth Real Estate Investment stock surges after $4 billion buyout deal, including debt


Shares of Monmouth Real Estate Investment Corp. MNR, +11.98% shot up 10.3% in premarket trading Friday, after the New Jersey-based real estate investment trust specializing in single-tenant industrial properties announced an agreement to be bought out in a cash deal valued at $4.0 billion, including debt, by Industrial Logistics Properties Trust (ILPT). Under terms of the deal, Monmouth shareholders will receive $21.00 in cash for each Monmouth share they own, an 11.3% premium to Thursday’s stock closing price of $18.86, and representing a market capitalization of about $2.06 billion. The deal is expected to close in the first half of 2022. Monmouth’s stock has gained 8.9% year to date through Thursday, while the SPDR Real Estate Select Sector ETF XLRE, +0.23% has rallied 31.6% and the S&P 500 SPX, +0.37% has advanced 24.6%.

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